S.D. Codified Laws § 3-12C-1402

Current through the 2024 Legislative Session

Section 3-12C-1402 - Reduction of retirement benefit during reemployment before July 1, 2004-Recalculation of additional benefit

If a retired member whose benefits have been reduced pursuant to § 3-12C-1111 becomes employed as a permanent full-time employee by a participating unit before July 1, 2004, the member's monthly retirement benefit shall be reduced by fifteen percent and the COLA shall be eliminated throughout the period that the member reenters covered employment. If the member remains in such reemployment for at least three years pursuant to the provisions of § 3-12C-1403 and then again retires, the member's additional benefit shall be recalculated to consider only the member's credited service and final compensation earned during reentry.

SDCL 3-12C-1402

SL 1970, ch 25, § 13; SDCL Supp, § 3-12-29.3; SL 1974, ch 35, § 65; SL 1982, ch 32, § 8; SL 1986, ch 37, § 10; SL 1997, ch 28, § 2; SL 2004, ch 38, §3; SL 2017, ch 27, §20; SDCL § 3-12-111; SL 2019, ch 22, §1; SL 2021, ch 26, §4; SL 2022, ch 15, §9.

Amended by S.L. 2022, ch. 15,s. 9, eff. 7/1/2022.

Amended by S.L. 2021, ch. 26,s. 4, eff. 7/1/2021.